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VladimirAG [237]
3 years ago
10

Wildhorse Company took a physical inventory on December 31 and determined that goods costing $676,000 were on hand. Not included

in the physical count were $9,000 of goods purchased from Sandhill Corporation, f.o.b. shipping point, and $29,000 of goods sold to Ro-Ro Company for $37,000, f.o.b. destination. Both the Sandhill purchase and the Ro-Ro sale were in transit at year-end. What amount should Wildhorse report as its December 31 inventory?
Business
1 answer:
Elis [28]3 years ago
4 0

Answer:

this is ez

Explanation:

answer is. Title transfers at FOB point. Both the 25,000 and the 22,000 should be added to Dec 31 inventory.

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A company purchased a computer system at a cost of $25,000. The estimated useful life is 8 years, and the estimated residual val
FrozenT [24]

Answer:

$4,687.50

Explanation:

The computation of the depreciation expense of the second year using the double-declining method is shown below:

First we have to determine the depreciation rate which is given below:

= One ÷ useful life

= 1 ÷ 4

= 12.5%

Now the rate is double So, 25%

In year 1, the original cost is $25,000, so the depreciation is $6,250 after applying the 25% depreciation rate

And, in year 2, the ($25,000 - $6,250) × 25% = $4,687.50

5 0
3 years ago
This activity is important because it covers important terms for effective money management. The goal of this exercise is to ide
viva [34]

Remainder Part of the Question:

Build Your Financial Base Terms:

The ______ is one of the best places to put your money.

A _______ is one of the worst places to keep long-term investments.

You can use a _______ to keep track of purchases.

Your _______ is likely to be the largest of the most important investments you make.

It is wise to plan your financial future with _______.

Available Options are:

Credit Card, Bank Account, Home, Uncertainity, Excitement, car, insurance, stock market, payday loan.

Answers:

A. Stock market

B. Bank Account

C. Credit Card

D. Home

E. Insurance

Explanation:

A. The <u>Stock Market</u> is one of the best places to put your money.

Stock markets are the source of raising funds for investments by the companies. The stock market helps the investor to choose the investment with appropriate returns and risks. Furthermore the investor can also diversify its return by managing the portfolio of investments.

B. A <u>Bank Account</u> is one of the worst places to keep long term investment

The lowest returns are on saving accounts hence it is the worst place for long term investments.

C. You can use <u>Credit Card</u> to keep a track of your purchases.

Credit cards can be used for tracking all of purchases because monthly statement mailed to you includes all the spendings during the year.

D. Your <u>Home</u> is likely to be the largest of the most important investments you make

Buying home is considered as one of the largest investments as it takes substantial savings of the person to buy an house. A roughly estimate would be the savings of 3-4 years for a small house for a couple.

E. It is wise to plan your financial future with <u>Insurance</u>.

Because Insurance helps you to lower your financial risks. The risk is associated with life, home, car, and physical assets and thus the investor must use insurance facility.

8 0
3 years ago
Braintree Inc., a manufacturer of smartphones, has entered into a 15-year partnership with a software company to develop sophist
Schach [20]

Answer:

strategic alliance

Explanation:

Based on the scenario being described within the question it can be said that the relationship in this scenario is best referred to as a strategic alliance. This term refers to an agreement between two parties in which they both help each other reach an agreed upon goal but still remain as their own independent organization. Instead it is only a strategy to reach the goals at a much faster time-frame than if each company were doing it alone.

6 0
3 years ago
Read 2 more answers
Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory
Irina-Kira [14]

Answer:

Seemore Lens Company (SLC)

Journal Entries to correct the balances presently reported:

a) Debit Accounts payable $13,200  

Credit Inventory $13,200

To record lenses held on consignment.

b) Debit Office Supplies $6,600

Credit Inventory $6,600

To record office supplies.

c) Debit Inventory $9,600

Credit Cost of goods sold $9,600

To exclude from cost of goods sold lenses in the warehouse for January 2 delivery.

c) Debit Sales Revenue $18,200

Credit Accounts Receivable $18,200

To exclude from sales revenue lenses not yet sold.

d) Debit Cost of goods sold $3,800

Credit Inventory $3,800 (Scrap)

To record the cost of scrap.

Explanation:

a) Data and Analysis:

Reported Inventory = $86,000

Reported Cost of Goods Sold = $452,000

Transactions:

a) Accounts payable $13,200  Inventory $13,200

b) Office Supplies $6,600 Inventory $6,600

c) Inventory $9,600 Cost of goods sold $9,600

c) Sales Revenue $18,200 Accounts Receivable $18,200

d) Cost of goods sold $3,800 Inventory $3,800 (Scrap)

3 0
2 years ago
On January​ 1, 2018​, White Corporation signed a $ 120,000​, four​-year, 2​% note. The loan required White to make payments annu
VladimirAG [237]

Answer:

Dr cash                 $120,000

Cr Notes payable                         $120,000

Dr interest expense    $2,400

Dr notes payable       $30,000

Cr cash                                             $32,400

Explanation:

The issuance of the notes payable of $120,000 means that White Corporation's cash inflow has increased by $120,000 while its corresponding loan obligation has also gone up by the same amount.

On 31 December 2018,White Corporation would need to repay $30,000 principal plus interest of $2,400 ($120,000*2%).The interest payment is debited to interest expense while $30,000 repayment is debited to notes payable and cash is credited with the total of $32,400

3 0
3 years ago
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